Valuations in the sector are also sky-rocketing as more money floods in. Many companies are now reaching the fabled "unicorn" status — the term in the tech industry for companies worth $1 billion (£640 million) or more.

25. Mozido, a mobile payment and wallet provider

What it does: White-label mobile payment, shopping, and marketing products. Lets small businesses send out offers to customers and collect loyalty points.

Why its hot: The company is targeting emerging markets like Mexico, Southeast Asia, and Africa where a generation of consumers are skipping banking and moving straight to mobile money. Former Google CEO Eric Schmidt is an investor through his early-stage fund TomorrowVentures.

HQ: New York.

Founded: 2005.

Raised: $307.2 million (£196.2 million).

24. TransferWise, an international money transfer service

TransferWise

Value: $1 billion (£640 million).

What it does: Online international money transfer with cheaper fees than banks.

23. Jimubox, a Chinese peer-to-peer loan provider

What it does: Online peer-to-peer loans for small businesses and consumers.

Why it's hot: The company is part of a wave of so-called "internet finance" companies that have sprung up across China in the last few years and is experiencing explosive growth.

HQ: Beijing.

Founded: 2013.

Raised: $131.2 million (£83.7 million).

22. Funding Circle, a peer-to-peer loan platform for small businesses

Funding Circle

Value: $1 billion (£640 million).

What it does: Peer-to-peer marketplace for business loans.

Why it's hot: It has funded £775 million ($1.2 billion) worth of loans since launch and is currently growing its business in America.

HQ: London.

Founded: 2009.

Raised: $273.2 million (£174.4 million).

21. Qufenqi, lets Chinese consumers buy electronics in instalments

Qufenqi's homepage.Qufenqi

Value: $1.3 billion (£830 million).

What it does: An online Chinese electronics retailer that lets buyers pay in monthly installments.

Why it's hot: It's raised a huge amount of money in little over a year and is targeting China's fast growing aspirational classes. Like a lot of Chinese companies, it hasn't disclosed much more than funding but investors clearly see big growth potential.

HQ: Beijing.

Founded: 2014.

Raised: $225 million (£143.6 million).

20. Housing.com, online Indian real estate platform

Housing.com's logoHousing.com

Value: $1.3 billion (£830 million).

What it does: Indian online real estate platform that also provides home loans.

Why it's hot: Japanese technology giant SoftBank is the company's largest backer, recognising the potential of the property market in a country with 1.2 billion people.

HQ: Mumbai.

Founded: 2012.

Raised: $139.5 million (£89 million).

19. SoFi, a marketplace for student loan refinancing

SoFi CFO Nino Fanlo, left, and co-founder and CEO Mike Cagney.SoFi

Value: $1.3 billion (£830 million).

What it does: Peer-to-peer student loan refinancing, mortgages, and other types of personal loans.

Why it's hot: It has financed $3 billion (£1.9 billion) of loans to date and is rumoured to be planning an IPO in the next year.

HQ: San Francisco.

Founded: 2011.

Raised: $766.2 million (£489 million).

18. iZettle, makes card readers for smartphones

iZettle CEO Jacob de Geer.iZettle

Value: $1.4 billion (£890 million).

What it does: Makes card readers for smartphones to let independent traders and small businesses accept payments.

Why it's hot: A "couple of hundred thousand" iZettle terminals are in use across Europe, according to CEO Jacob de Geer, and 46% of card readers in Sweden are iZettles.

Why it's hot: To date it has funded $11.1 billion worth of loans (£7 billion), with $1.9 billion (£1.2 billion) of that in the last quarter. The company had one of the largest tech IPOs of 2014, raising $900 million (£574.5 million).

What itdoes: Originally focusing on smartphone debit and credit card readers, the company now has various different payment processing offerings and Square Capital, a small business financing operation.

Why it's hot: The company was co-founded and is run by Twitter co-founder Jack Dorsey. Sequoia Capital, Goldman Sachs, and Citi are all investors and the company has major partnerships with Starbucks and Whole Foods.

HQ: San Francisco.

Founded: 2009.

Raised: $590.5 million (£376.9 million).

1. Lufax, Chinese peer-to-peer lender

Lufax's website.Lufax

Value: $10 billion (£6.3 billion).

What itdoes: Chinese peer-to-peer loans and financing platform, one of the countries largest. As well as operating online, the company has around 100 shops in 80 cities, according to the Wall Street Journal.